Saudi Aramco Base Oil Company-Luberef announced on May 31, 2026 the resignation of Chairman Ibrahim Q. Al-Buainain, effective May 21, 2026, due to personal reasons after serving since August 14, 2022. The Board of Directors appointed Yasser M. Mufti as the new Chairman and Board member on May 22, 2026, with his membership starting May 24, 2026, to complete the current Board's term ending August 14, 2027. Mr. Mufti holds a B.Sc. in Electrical Engineering and an MBA, currently serving as Executive Vice President of Products & Customers at Saudi Aramco with extensive leadership experience across multiple Aramco subsidiaries. The appointment requires ratification at the next General Assembly meeting.

Original announcement:

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